Ordinary Annual General Assembly of EN Bank with Participation of over 94% of Shareholders

26 July 2016Ordinary Annual General Assembly of EN Bank was held with participation of over 94% of shareholders and the financial statements for year ended 19 March 2016 were approved. The CEO in his address to the shareholders said that in the year 1394(Iranian calendar) the country enjoyed relatively stable economic conditions and witnessed declining rate of inflation together with financial discipline in public sector and stability in parallel markets. He also pointed out that the most important monetary policies affecting the banking industry were adjusting the rates of interest on deposits and facilities to take into account the rate of inflation and the decline in legal reserve requirements and added: in the past year EN Bank, in compliance with the prevailing rules decreased the rates of interest on deposits and facilities. Although this reduced the bank's cost of funds, unfair competitions imposed certain risks on the bank, which were mitigated with optimum management of resources and application.The CEO added regarding development activities undertaken in the bank's international operations: offering of exchange services to other banks, government owned and otherwise, by issuing letters of credit and other services, exchange allocations with BCP and Heritage pursuant to Geneva Agreement and opening accounts with new correspondent banks were a few activities in this area. He also added: EN Bank has fortified its security infrastructures by commissioning its Paris Data Protection Centre and has thus taken a big leap in attaining international standards in this field.The CEO went on to explain the continued success of the bank in obtaining the Prestige Commendation and Statue in Information Technology in the Information Technology Stars Festival, Golden Statue of Innovation in E-banking Services from European Union and the Award of the Superior Research in Banking on the occasion of commemoration of the Research and Technology by Monetary and Banking Institute, Special Award of Superior Quality in Corporate Banking from ICS Group, Dr. Nourbakhsh Special Award of for offering infrastructure open banking services by EGhtesad Novin Khadamat Rayan, Statue and Commendation of the Festival of National Productivity by EN Leasing Company, Award for Highest Capital Mobilisation Services by Novin Capital Mobilisation Company by Securities Exchange Organisation by the Gathering on Economic Entities Social Commitment on the occasion of the Ninth International Fair on Securities Exchange, Insurance and Banks.